CDM for repo and bonds

ICMA has created a working group of sell-sides, buy-sides,market infrastructures and technology providers to promote automation and interoperability in repo markets by extending the Common Domain Model for bond and repo markets. The working group includes front office, middle/back office, data modelling, IT and legal experts. 

Please contact us if you would like to join.

                                                          ICMA fact sheets – CDM for repo and bonds at a glance

ICMA - CDM for repo and bonds - Factsheet - October 2021 ICMA - CDM for repo and bonds - Factsheet for Implementation - October 2021

                                                                                           ICMA video explainer


ICMA media resources

Common Domain Model (CDM) for repo and bonds webinar - ICMA Common Domain Model (CDM) for repo and bonds
21 July 2021 This virtual event provides a round-up of ICMA’s CDM project for repo and bonds, including demonstrations of the CDM in action, as well as a panel discussion with members of ICMA’s CDM Steering Committee on key take-ways from the project, the path to implementation and next steps.
Download the presentations by ICMA’s Gabriel Callsen and REGnosys.
Shorter, individual CDM Demonstrations from the event are also available here:
An introduction to Rosetta by REGnosys (5 mins)
CDM in action – execution, clearing and settlement of a repo transaction by FINXIS LLC (8 mins)
What is the Common Domain Model webinar - ICMA What is the Common Domain Model?
30 March 2021 In this webinar presentation, ICMA’s Gabriel Callsen gives an update on the CDM project for repo and bonds, the scope of the project, milestones and deliverables and the role of the Steering Committee of members.
Download the presentation
The Common Domain Model – fundamentals & genesis - ICMA Podcast The Common Domain Model – fundamentals & genesis
12 November 2020 In this podcast, Dr Lee Braine, Director of Research and Engineering in the Chief Technology Office, Barclays talks to ICMA Chief Executive, Martin Scheck about the Common Domain Model, how it digitises life cycle events to address the problems of inconsistent processes and data and its application to derivatives, bonds and repo. They also discuss the challenges for its adoption in capital markets.

News and updates

12 October 2021
Digital representation of transactions: CDM for repo and bonds by Gabriel Callsen, published in the ICMA Quarterly Report Q4-2021.

2 August 2021
ICMA, ISDA and ISLA sign MoU on the Common Domain Model to strengthen collaboration between them on the future development of the CDM

7 October 2020
Presentation on the CDM for repo and bonds by Gabriel Callsen at the ERCC AGM

8 April 2020
The ERCC launched webinars to bring members and the wider market up-to-date on key topics that have impacted the repo market. The webinars include  a discussion on ICMA’s ongoing collaboration with ISDA to extend the Common Domain Model (CDM) to SFTs, building a standardised digital representation of repos.
View the webinar  |  Download the presentation

6 April 2020
Summary of CDM Repo Workshops by Gabriel Callsen, published in the ICMA Quarterly Report Q2-2020.

16 March 2020
3rd ICMA/ISDA CDM Repo Workshop. Modelling and running a live demo of fundamental features of a repo transaction ie the execution comprising transfer of collateral and cash of both legs in the CDM. See supporting materials.

14 February 2020
2nd ICMA/ISDA CDM Repo Workshop. Advanced modelling  and live implementation of open repo and lifecycle components in the CDM. See supporting materials.

27 January 2020
ICMA/ISDA CDM Repo Workshop. The workshop focused on modelling open repos, and, as an initial use case for corporate actions, collateral coupon payments. The aim was to demonstrate the benefits of a consistent data model in machine-readable format, using a hands-on format which showed  a real-time implementation. The workshop is the first of a series. See presentation of the first part of the workshop.

16-17 October 2019
ICMA partnered with ISDA, Regnosys and others to support the Barclays DerivHack 2019. The objective was to build on the successful ‘CDM hackathon’ from 2018 to extend the simulation to post-trade processing of securities. There were seven use cases that aimed to model the typical steps of a front-to-back trade flow covering trade execution, allocation, affirmation, confirmation, settlement, position reports, and collateral events. See report published by EY.

10 October 2019
Common Domain Model: the path to efficiency By Ian Sloyan (from the ICMA Quarterly Report Fourth Quarter 2019).

CDM links and resources:

Presentation of CDM phase 2 roadmap & Clearstream's CDM implementation at the ERCC AGM on 26 April 2022
ISDA & ICMA: CDM for Repo
What is the ISDA CDM?
The Field Effect: CDM FAQ
Barclays White Paper on Industry Adoption Scenarios for Authoritative Data Stores using the ISDA Common Domain Model (14072020)


Andy Hill
Senior Director, Market Practice and Regulatory Policy; secretary to the Secondary Market Practices Committee and also responsible for overseeing repo policy.
Direct line: +44 20 7213 0335

Alexander Westphal
Director, Market Practice and Regulatory Policy, secretary to the ICMA European Repo and Collateral Council and Committee (ERCC) and ERCC Operations Group.
Direct line: +44 20 7213 0333

Gabriel Callsen
Director, Market Practice and Regulatory Policy
Direct line: +44 20 7213 0334

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